The below is the daily chart of the USDZAR. We note that January was indicative of a ZAR strengthening phase: the USDZAR’s EMAs were in a bearish stack.
The green 5-day EMA was below the orange 13-day EMA, and the orange 13-day EMA was below the black 34-day EMA. However, the RSI(9) has moved above 50 and is indicative of an underlying bullish momentum (blue rectangle). Furthermore, the green 5-day EMA is converging on the orange 13-day EMA (red ellipse). If they cross the bearish stack will effectively come to an end and a more neutral formation will chart.
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